Havells India to buy Lloyd Electric's consumer business for $231 million
Havells India Ltd, a leading maker of lights and fans, has agreed to buy a unit of Lloyd Electric and Engineering Ltd that sells air conditioners and televisions in a 15.5 billion-rupee deal ($231.14 million), the companies said. The deal, expected to close in eight weeks subject to final due diligence, will help Havells expand its reach into the $15 billion consumer durables market in India which, according to the company, is growing in the double digits. While consumer spending in the country has suffered a setback after India in November scrapped high-value banknotes that accounted for more than 80 percent of cash in circulation, analysts expect the growth to revive slowly in the fiscal year starting in April as the currency crunch eases.